Security Tokens Platform OpenFinance Network (OFN) is to Receive Investment from Huobi
Huobi has announced a partnership with the OpenFinance Network (OFN) as part of its overseas expansion. The Huobi platforms do not currently trade security tokens; meaning you cannot sell crypto with this classification through them. With this new partnership and large investment, Huobi will be entering the tokenised security market.
Similar to Huobi, the OpenFinance Network provides token liquidity for a variety of clientele such as banks, brokerages, custodians and transfer entities. OFN have been actively onboarding projects to bring a variety of security tokens to the platform. Some of the projects they have partnered with include Polymath, Tokensoft, Securitize, Harbor and Security Token Advisors (STA) among others. If these organisations introduced a token to the platform, users could sell cryptocurrency for the tokenised security.
Huobi’s expansion comes at a time of increased cryptocurrency adoption with heightened growth in Europe and the UK. Huobi hopes to further expand to the US and Canada despite regulatory uncertainty potentially causing delays. The company was initially located in China but due to their crackdown on cryptocurrency exchanges, Huobi was forced to move its business operations overseas. We could potentially see a platform that is available globally to buy and sell Bitcoin.
The US Security and Exchange Commission (SEC) is currently seeking platforms that serve as trading venues for digital assets in which OFN claims that all operations will be enabled in a compliant manner. OFN’s commitments align with those of Huobi. As Head of Business Development and Investment for North America, Will Wang stated: “Huobi Eco has always been committed to providing support and solutions for Huobi to operate within the compliant requirements of every country in which we do business”.
The new partnership will increase Huobi’s exposure to new markets as they continue their expansion plans. With this new platform, users will be able to sell crypto for security tokens.
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